The Congressional Budget Office estimate shows that compared with current spending rates the spending bill due for a House vote Thursday would pare just $352 million from the deficit through Sept. 30. About $8 billion in cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending. [...]

The CBO study confirms that the measure trims $38 billion in new spending authority, but many of the cuts come in slow-spending accounts like water-and-sewer grants that don’t have an immediate deficit impact.

While the CBO study lends credence to the theory that President Obama slyly deflected the worst of the cuts, the fact remains that the cuts will be harmful to the economy and to the people who depend on valuable social safety net programs that will have their budgets cut. Moreover, as the Wonk Room's Ben Armbruster explains, the deal also leaves defense spending largely untouched. So while the deal cuts domestic social spending, much of these savings are wiped out by inflated defense spending.

Alex Seitz-Wald is a Reporter/Blogger for ThinkProgress.org and The Progress Report at the Center for American Progress Action Fund. Alex grew up in California and holds a B.A. in international relations from Brown University. Prior to joining ThinkProgress, Alex interned at the NewsHour with Jim Lehrer on PBS and at the National Journal’s Hotline, where he covered key senate and gubernatorial races. Alex also co-founded and edited the Olive & Arrow, a blog on foreign affairs for and by young progressives.

The Congressional Budget Office estimate shows that compared with current spending rates the spending bill due for a House vote Thursday would pare just $352 million from the deficit through Sept. 30. About $8 billion in cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending. [...]

The CBO study confirms that the measure trims $38 billion in new spending authority, but many of the cuts come in slow-spending accounts like water-and-sewer grants that don’t have an immediate deficit impact.

While the CBO study lends credence to the theory that President Obama slyly deflected the worst of the cuts, the fact remains that the cuts will be harmful to the economy and to the people who depend on valuable social safety net programs that will have their budgets cut. Moreover, as the Wonk Room's Ben Armbruster explains, the deal also leaves defense spending largely untouched. So while the deal cuts domestic social spending, much of these savings are wiped out by inflated defense spending.

Alex Seitz-Wald is a Reporter/Blogger for ThinkProgress.org and The Progress Report at the Center for American Progress Action Fund. Alex grew up in California and holds a B.A. in international relations from Brown University. Prior to joining ThinkProgress, Alex interned at the NewsHour with Jim Lehrer on PBS and at the National Journal’s Hotline, where he covered key senate and gubernatorial races. Alex also co-founded and edited the Olive & Arrow, a blog on foreign affairs for and by young progressives.